Gold, silver, oil collapse after jobs report

After a decidedly rosy jobs report, precious metals took the news on the chin with spot gold dropping below $1,200.

The Bureau of Labor Statistics said nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9%.

Spot gold traded down to $1,193 per ounce. The five-year trendline shows how much gold has fallen.

Chart courtesy of Kitco.

Silver was at $16.88 per ounce.

Chart courtesy of Kitco.

Oil dropped below $90 a barrel before recovering. The US dollar surged to $1.1256 against the Canadian dollar.